EXHIBIT 12.1 UNIVERSAL CORPORATION RATIO OF EARNINGS TO FIXED CHARGES FOR THE PERIODS INDICATED THREE MONTHS ENDED SEPT. 30, YEAR ENDED JUNE 30, 1995 1994 1995 1994 1993 1992 (IN THOUSANDS OF DOLLARS) Pretax income from continuing operations............... $15,277 $ 6,667 $ 55,768 $ 64,058 $136,104 $122,055 Pretax income of unconsolidated affiliates............. 1,974 800 2,232 3,854 2,005 1,831 Fixed charges.......................................... 17,616 17,506 71,147 76,691 67,213 68,513 Earnings............................................... $34,867 $24,973 $129,147 $144,603 $205,322 $192,399 Interest............................................... $17,225 $17,244 $ 69,585 $ 75,438 $ 65,468 $ 66,632 Interest of unconsolidated affiliates.................. 333 204 1,328 1,031 1,549 1,719 Debt discount amortization............................. 58 58 234 222 196 162 Fixed Charges.......................................... $17,616 $17,506 $ 71,147 $ 76,691 $ 67,213 $ 68,513 Ratio of Earnings to Fixed Charges.............................................. 2.0 1.4 1.8 1.9 3.1 2.8 1991 Pretax income from continuing operations............... $ 91,996 Pretax income of unconsolidated affiliates............. 2,096 Fixed charges.......................................... 69,531 Earnings............................................... $163,623 Interest............................................... $ 68,775 Interest of unconsolidated affiliates.................. 671 Debt discount amortization............................. 85 Fixed Charges.......................................... $ 69,531 Ratio of Earnings to Fixed Charges.............................................. 2.4